San Diego is unlikely to ever match the torrid pace of hotel sales it experienced in 2011, yet the county still recorded some high-profile transactions last year that rivaled sales in other large markets nationwide.

A just released year-end survey of major hotel purchases valued at more than $10 million ranks the $76.9 million sale of L'Auberge Del Mar last December fifth in the nation, based on the price per room.

The cost per room — $640,000 — was the most paid last year for California hotels and was the second-highest price ever paid in San Diego. Nationally, the L'Auberge transaction was just behind three New York City hotel sales and the sale of a hotel and casino in St. Louis, according to the survey compiled by LW Hospitality Advisers.

San Diego has already started off the new year with two major hotel purchases, attracting the attention of major players in the national lodging industry, noted Daniel Lesser, CEO of LW Hospitality.

The 129-room Kona Kai Resort on Shelter Island was purchased for $12.5 million by Noble House Hotels, which plans to invest $22 million in reviving the aging property. And Pebblebrook Hotel Trust shelled out $112.5 million for the 337-room Embassy Suites San Diego Bay hotel.

Top 2012 hotel sales

PROPERTY

NO. OF ROOMS

PRICE PAID

PRICE PER ROOM

L'Auberge Del Mar

120

$76,900,000

$640,833

Courtyard by Marriot San Diego Mission Valley

317

$90,000,000

$283,912

Inn at Rancho Santa Fe

107

$28,000,000

$261,682

San Diego Marriott Del Mar

284

$66,000,000

$232,394

Hyatt Regency Mission Bay Spa & Marina

429

$62,000,000

$144,522

National City Hotel

180

$11,650,000

$64,722

Source: LW Hospitality Advisors

"San Diego is still a hot hotel market," Lesser said. "Pebblebrook is a very sophisticated hotel real estate investment trust and understands the hotel industry. It paid a substantial amount for that asset so that says a lot for the perceived upside of the market in San Diego."

Beyond San Diego's appeal as an attractive leisure and convention market, it remains an area, especially along the coast, where it would be very costly and difficult to build new properties, Lesser said.

"San Diego is a market where the development process for new projects is long and expensive, unlike your secondary and tertiary markets where there is lots of available land that can be acquired very inexpensively and you can build a hotel fairly quickly," he explained. "You can’t do that in San Diego."

As in San Diego County, the pace of sales throughout the country fell short of last year's numbers. According to Lesser's report, there were 107 major transactions in 2012, accounting for 26,700 rooms, valued at $6.5 billion. By comparison, in 2011, there were $8.9 billion in sales, based on 130 transactions, representing a total of 41,000 hotel rooms.